Self-Reliance and Global Competitiveness at the Forefront of ACMA's 64th Annual Session

The Automotive Component Manufacturers Association of India (ACMA), a leading organization in India's auto component sector, held its 64th Annual Session on 09.09.2024. The event focused on the theme "Viksit Bharat - Fostering Self-Reliance & Global Competitiveness in Mobility Components."

The session was graced by key figures from both government and industry, including:

• Shri Nitin Gadkari, Union Minister of Road Transport & Highways
• Shri Piyush Goyal, Union Minister of Commerce & Industry
• Shri H.D. Kumaraswamy, Union Minister of Heavy Industries
• Shri Jitin Prasada, Union Minister of State for Commerce & Industry and Electronics and Information Technology
• Dr. Pawan K. Goenka, Chairman of SCALE and IN-SPACe
• Mr. Vinod Aggarwal, President of SIAM and MD & CEO of Volvo Eicher Commercial Vehicles
• Mr. Hisashi Takeuchi, MD & CEO of Maruti Suzuki India
• Mr. Sanjiv Puri, President of CII and MD of ITC

A major highlight of the event was the launch of a joint report by ACMA and McKinsey & Co., titled "Scaling Global Competitiveness and Self-Reliance." This report underscores the industry's strong growth, with a compound annual growth rate (CAGR) of 7-8%. It projects a market size of $200 billion by 2030 and emphasizes the need for strategic actions such as enhancing export opportunities, increasing investments in R&D, and improving quality and sustainability standards to stay globally competitive.

Shri H.D. Kumaraswamy also launched ACMA’s new initiative, the ACMA Mobility Foundation. This initiative aims to bring together stakeholders from software, electronics, and startups to drive innovation and collaboration in the automotive industry. The ACMA Mobility Foundation is set to transform India’s mobility landscape and establish the country as a global leader in advanced automotive solutions.

In collaboration with the Gates Foundation and Good Business Lab, ACMA introduced a project to enhance gender diversity in manufacturing. This project will develop best practices and guidelines to promote more inclusive workplaces across the auto component industry.

During his speech, Shri Nitin Gadkari highlighted India's achievement in becoming the world’s third-largest automobile industry, valued at ₹22 lakh crore. He expressed optimism that advancements in semiconductor and lithium-ion battery production would significantly reduce imports within the next 2-3 years. He also noted that the sector has created 4.15 lakh jobs and contributes to GST, with a forecasted 8-10% growth by 2024-25, aiming to make India the top automotive manufacturing hub.

Shri Piyush Goyal stressed the goal of transforming India into a developed nation by 2047, advocating for self-reliance while engaging globally. He pointed out that the auto component industry will grow alongside India's expected rise to the third-largest GDP in the next three years, targeting $100 billion in exports by 2030 and becoming a major job creator.

Shri H.D. Kumaraswamy spoke about India’s progress toward self-reliance, highlighting the auto component sector’s substantial contribution to GDP and employment. He noted the success of initiatives like the PLI scheme and FAME II in driving sector growth and localization.

Ms. Shradha Suri Marwah, ACMA President and Chairperson & Managing Director of Subros, called this moment pivotal for India, marking significant progress and opportunity. She emphasized that the launch of the ACMA Mobility Foundation on World EV Day highlights the industry's commitment to future-ready mobility solutions.

Mr. Vinnie Mehta, Director General of ACMA, praised the event’s success and reaffirmed ACMA’s dedication to a self-reliant and competitive automotive industry. He emphasized the commitment to setting new benchmarks in quality and sustainability and supporting a transition to a circular automotive ecosystem.

The event also honored industry excellence with the presentation of the Quality Circle Competition Award and the new Gender Diversity Award. Team ‘Strategic Squad’ from ZF Rane Automotive India Pvt. Ltd., Trichy, won the 19th ACMA National Quality Circle Competition, while Team ‘Infinity’ from RSB Transmissions (I) Ltd., Jamshedpur, received the Gender Diversity Award, showcasing ACMA’s commitment to innovation, quality, and inclusiveness.

Over 1,200 delegates, including OEMs, component manufacturers, government officials, and industry stakeholders, participated in the event, marking a significant milestone for the auto component industry.